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In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on common sense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives. Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English.

Basic Economics, which has now been translated into six languages and has additional material online, remains true to its core principle: that the fundamental facts and principles of economics do not require jargon, graphs, or equations, and can be learned in a relaxed and even enjoyable way.

About the Author

Thomas Sowell is the Rose and Milton Friedman Senior Fellow at the Hoover Institution and has taught economics at Cornell, UCLA, and Amherst. Author of Intellectuals and Society and the classic Basic Economics, among others, Sowell lives in Stanford, California.

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What sets Thomas Sowell apart from many economists and intellectuals is his ability to present complex ideas with both clarity and simplicity. As he himself once noted, "If academic writings were difficult because of the deep thoughts involved, that might be understandable, even if frustrating. Seldom is that the case, however. Jaw-breaking words often cover up very sloppy thinking." For Sowell, economics is no exception.

In Basic Economics, he reminds you that economics is the study of the use of scarce resources which have alternative uses. And with this fundamental truth in mind we see a master expositor at work. He derives many economic principles from this easily forgotten fact, offering you real-life examples along the way. This book was, of course, written for the layman. In fact, no prior knowledge of economics is needed before you read it. Yet the book is of such breadth and depth that economist Dr. Walter Williams says "it provides an understanding of some economic phenomena that might prove elusive to a Ph.D. economist."

As you read and become familiar with how Sowell thinks, you will yourself begin to think like an economist. You will learn to judge policies not by their proposed goals, but by the incentives they are likely to create, which may have the opposite effect of their intended goals. You will learn to think about not only a policy's immediate effects, but also its effects in the long run, and not only its effects to a specific group of people, but to everyone. In the process, many of your long-held cherished beliefs may be challenged.

Consider, for instance, minimum wage laws. Sowell explains why increasing the price an employer must pay his employees--though put into law for benevolent reasons--can have unintended bad effects, like an increase in unemployment. He also explains why, for similar reasons, rent control decreases the quality of apartment buildings, or why lowering the price of gas can cause a shortage.

This 5th edition of Basic Economics includes a new chapter on international disparities in wealth. An insightful chapter, Sowell explains why some countries enjoy luxury while others suffer poverty, pointing to such commonly overlooked factors as geography and culture. Another addition is that this book ends with a section of questions covering important economic issues. If you don't know the answer to a question, it tells you where in the book you can find it. This is especially helpful for someone forgetful like me, who must regularly return to refresh on economics. It's also helpful for quizzing yourself to see how well you understood the information.

To say that Sowell's books have boring covers and titles is an understatement. But they provide strong evidence for the claim that "you shouldn't judge a book by its cover." I recommend this book as a must-read to everyone, not just to aspiring economists. (I also highly recommend Henry Hazlitt's Economics in One Lesson.) However, I would be remiss if I did not include in this review any drawbacks, and there's a big one. Basic Economics will leave you more pessimistic for your country than before you opened it.

Every economist working in an interdisciplinary environment would be served well by reading this book and memorizing the simplistic manner in which complex concepts are conveyed. It is one thing to understand economics but it adds much more value when you can be understood.

What an eye opener. I thought I had a pretty good understanding about economics. Had to rethink that one. If this became required reading for all high schoolers our young people would have a completely different outlook on the world and would be in a hurry to be contributors. Who knew that Bankers are not bandits, corporations are not evil and debt is not the devil. Dr. Sowell challenges your assumptions about what is and is not the economy. It is a shame that unless you are a Business Major in college you would never be required to take a course such as this. It is a long read but written in Dr. Sowell's easy to grasp style. Read it.

Everyone should be required to read this book, especially if you are a voter! But, don't let the title fool you. Yes, the concepts are explained without jargon and technical terms, but there is so much practical information, valuable even to people like me that have advanced degrees in economics. Dr. Sowell is a true national treasure. Do yourself a really big favor - get the book and start reading and learning!

Simple. Basic. Starting with a simple definition, then moving through the complexities of society, showing how the simple definition plays out, and the consequences of many of our cherished social beliefs are directed by that simple definition. Dr Sowell is gifted at drawing short, straight lines between beliefs, actions, and results. The book is long, and looked a bit daunting at first. I quickly found it very readable, and well worth my time.

The only basic economics text you will ever need. If you feel the need for the math, this will point you where you will be going. It is very clearly, even entertainingly written. Read it for pleasure as well as instruction. Who would ever have thought to say that about an econ text?Sowell is one of the best minds of our -- or the previous -- generation, and should be consulted on every public issue.

Very well written. Makes the subject of economics, usually dry and dull, highly interesting. If only politicians read and understood Basic Economics, our nation would be stronger and far better off. In fact, passing a test on this book ought to be a legal requirement before anyone can run for office. I recommend this work to everyone who wishes to know the way sound economic policies should work, and how to go about making the proper changes.